Hindalco Industries (HINDALCO) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue rose 14% year-on-year to ₹66,521 crore in Q3 FY26, with India business PAT up 24% to ₹3,581 crore and strong Novelis performance despite Oswego fires.

• PAT before exceptional items increased 2% YoY to ₹2,049 crore; adjusted PAT (excluding Oswego fire impact) up 8% YoY to ₹4,051 crore.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 12, 2026.

• Novelis adjusted EBITDA per ton rose 22% YoY, with cost reduction initiatives and resilient margins.

• Strong ESG progress: S&P Global CSA score of 89/100, 82% waste recycled, and renewable energy capacity at 418 MW, targeting 522 MW by year-end.

Financial highlights

• Consolidated EBITDA rose 6% YoY to ₹8,762 crore; India business EBITDA up 10% YoY to ₹5,660 crore.

• Aluminium upstream EBITDA margin improved to 45% from 42% YoY; downstream EBITDA up 55% YoY.

• Copper segment revenue jumped 33% YoY, but EBITDA declined 23% YoY due to lower Tc/Rc and concentrate mix.

• Novelis adjusted EBITDA at $436 million, $4.95 per ton, up 22% YoY, excluding Oswego and tariff impacts.

• Exceptional expenses of ₹2,610 crore in Q3 FY26, mainly due to Novelis Oswego plant fires.

Outlook and guidance

• Oswego hot mill restart expected late Q1 FY27; Oswego outage impact seen as temporary, with recovery in next fiscal.

• Novelis maintains long-term EBITDA guidance of $600+/ton, with $300 million cost reduction targeted by FY 2028.

• India business expects strong Q4, with copper EBITDA guidance of ₹600 crore.

• Bay Minette 600 KT facility on track for completion this year, supporting future growth.

• The company continues to monitor regulatory, legal, and operational developments, including new labor codes and legal proceedings.